1. Field of the Invention
This invention provides a social network based platform that renders a purpose to savings and to social networks and at a certain level acts to redefine the nature of money. Specifically, the invention relates generally to user controlled aspirational savings and associated social networks and methods for facilitating money management, and more particularly, to systems and methods facilitating alternative savings arrangements focused on incentivizing user savings and tailoring savings to user aspirations, wishes, or, goals. Additionally the invention described herein relates generally to a platform which enables users to identify aspirations, wishes and goals which include aspects touching on and concerning money management, and more particularly, to alternative savings arrangements focused on incentivizing user savings and tailoring savings to user aspirations, wishes, or, goals, as well as linking users of various types in such endeavors.
2. Background Information
There are a variety of savings vehicles available for users today. For example, users may choose a traditional savings account at a financial institution (such as a “bank”, although the phrase financial institution as used in this application shall encompass broader category of institutions such as: banks, credit unions, API providers, and yet others such as BITCOIN, WALMART, GOOGLE that issue prepaid cards, etc, such as money and payment management institutions). In exchange for deposits, the user receives interest paid on the savings account from the financial institution, e.g., in the form of money (currency) accrued on the principal amount. This form or arrangement incentivizes users to save with the promise of a return on investment, e.g., a fixed amount of money in the form of a percentage of the principal placed in savings according to a schedule, e.g., annual.
Other conventional savings involve more risk, for example users may take equity positions in a business, thereby exchanging money for stock. This may be viewed as a form of savings inasmuch as the user has spent money in exchange for an asset that may be converted, sold or otherwise form a realized gain. Here, the incentive for the user is again found in the hope that the thing purchased ultimately may be resold for more money, e.g., on a stock exchange.
All such savings examples focus on incentivizing the user to save by using a currency or monetary return on investment. Thus, users often place money into a savings account in exchange for either a guaranteed monetary return (e.g., for savings accounts, money market accounts, certificates of deposit, bonds, etc.) or in exchange for an instrument or item (e.g., stock, commodity, precious metal, house) that may be re-sold for monetary return.
It has been observed that “in years past financial institutions offered savings programs specifically designed for a specific purpose such as a vacation. Periodically a customer would deposit funds in this account until the savings goal was met. These types of savings programs were particularly helpful in teaching children the value of savings. Over the years, these types of programs, in light of technical advances and other factors, were discontinued.” In response to this observation it has noted that now, “through advantages provided by the Internet, the charm and value of these purchase defined savings accounts can be recreated with added features and benefits that educate customers and children on the value of saving for items they desire to purchase.”
U.S. published patent applications 2005-0222951 entitled “Systems and Methods of Targeted Savings” discloses a method of targeting savings deposits that enable a depositor, such as a customer of a financial institution, to save money for various purposes or goals. A financial institution can make offers for targeting savings deposits to its customers using a financial statement that the financial institution prepares and provides to its customers to report information related to customers' financial accounts. Such offers can be solicited or unsolicited and can include one or more targeted savings plans customized to meet customers' savings goals. The financial statement can be further used to enable customers to enroll in one or more targeted savings plans and to make savings transactions according to such plans. A credit card account statement can be used for such purposes such that customers can make targeted savings deposits along with making payments to credit card accounts. This methodology fails to provide a platform that facilitates or enhances user discovery and articulation of a user's aspiration, nor which effectively allows users to attain aspirations otherwise out of their reach, nor which efficiently supplies an end-to-end solution for users and does not fully maximize gains for the user savings that can be achieved with such integration.
U.S. published patent applications 2007-0198382 and 2011-0137794 each disclose a method of saving for a time delayed purchase includes establishing a savings account through a website provided by a third party service provider. The savings account establishes the savings goal, the time frame, the recommended contribution, and the savings category and/or category of retailer(s). Once established, a customer designates the account as public or private. For a private account, funds are transferred from the customer's financial institution based upon approved parameters. For a public account, a notification is sent to potential third party contributors who make a gift to the public account that is held by the service provider. The customer is given the option of accepting the gift, whereby funds are transferred from the service provider to the public account. This methodology fails to provide a platform that facilitates or enhances user discovery and articulation of a user's aspiration, nor which effectively allows users to attain aspirations otherwise out of their reach, nor which efficiently supplies an end-to-end solution for users and does not fully maximize gains for the user savings that can be achieved with such integration.
U.S. published patent application 2009-0063332 entitled “Flexible Automatic Savings Program” discloses flexible automatic savings programs and/or processes in which a consumer is presented with multiple options for automatic savings to be applied to transactions, such that savings amounts are transferred from a first account to a second account automatically for qualified accounts and transactions. A financial institution can assist the consumer select one of the options to apply to automatic transfers. Transfer policy can thus be customized for a consumer according to their savings needs and goals. Participation is limited to common, or overlapping, ownership status with respect to both source and target accounts, though other ownership entities can also be present. The way that savings amounts are determined for automatic transfers can also be dynamically customized to savings characteristics or goals of the consumer as those characteristics or goals change. This useful flexible savings account management aspect is helpful but fails to provide a platform that facilitates or enhances user discovery and articulation of a user's aspiration, nor which effectively allows users to attain aspirations otherwise out of their reach, nor which efficiently supplies an end-to-end solution for users.
U.S. published patent application 2009-0187505 entitled “Online Savings Network” discloses the implementing of an online savings network which includes creating a network account for an owner and associating an investment account to the network account, wherein the account owner then invites family members, friends and/or contacts, via social networks, to join the online savings sub-network as a contributor and to contribute toward the owner's savings goal. This useful crowd-funding aspect is helpful but fails to provide a platform that facilitates or enhances user discovery and articulation of a user's aspiration, nor which effectively allows users to attain aspirations otherwise out of their reach, nor which efficiently supplies an end-to-end solution for users.
U.S. published patent application 2013-0097060 entitled “Educational and Game-Based Banking Application whereby Youth Earn Real Money toward Specific Savings, Spending and Charity Goals” discloses a youth orientated money management method that teaches financial literacy. According to this methodology, an account owner, such as a parent, grandparent, or legal guardian, makes money available to be earned through the system. According to this methodology, an account beneficiary, such as a minor under the age of 18, earns money by completing a series of educational lessons and games (known in the system as “challenges”). Once earned, money is allocated by the beneficiary to specific savings, spending, and charity goals (known as “funds”). The amount of money earned for a given challenge is dependent upon the goal (“fund”) to which it is allocated. Account owners can make additional moneys available (known as a “match”) for specific savings and charity goals. Funds integrate on the back-end with traditional financial products, such as checking, savings, and/or prepaid accounts. The system is proposed to be managed on mobile devices, e.g. smartphones. This methodology is helpful, particularly educating youth about savings, but fails to provide a platform that facilitates or enhances user discovery and articulation of a user's aspiration, nor which effectively allows users to attain aspirations otherwise out of their reach other than through the designated sponsor's benevolence, nor which efficiently supplies an end-to-end solution for users including the actual delivery of the subject goal to the user from the merchant.
The system of U.S. published patent application 2013-0097060 is representative of the prior art approaches in that it is focused on savings and money management rather that focused on identification of user aspirations and attaining goals. Money management is not as interesting to everyday users and consumers, however their aspirations are, of course, are of great interest and attaining such aspirations can be a primary interest to consumers. These prior art money management systems do not integrate the merchants as an integral part of the system which prevents them from taking part in helping shape the goals, amplify the user savings to facilitate the user goals, or ship the product or deliver the service directly to the user upon realization of the user's aspirations.
U.S. published patent application 2013-0262237 entitled “Method of Marketing Based upon a Saving Goal” observes while “various savings programs are known in the art, utilizing information related to the savings program to build a more effective relationship is difficult as often the information is not available, or is stored in such a manner that the information is difficult to sort in order to provide meaningful information to build a better relationship. Even if assembled, there exists no relatively simple and efficient method to utilize the information in a manner that benefits both the consumer and the financial institution. Accordingly, there exists a need in the art for a method or system that addresses these deficiencies.” The application provides “a method to market selected products to customers based upon their savings goals” and “a method where information related to a savings goal is managed and used to build a personal relationship with a consumer” and “a method of marketing based upon a savings goal where marketing messages are created related to savings goal criteria.” This methodology again fails to provide a platform that facilitates or enhances user discovery and articulation of a user's aspiration, nor which effectively allows users to attain aspirations otherwise out of their reach, nor which efficiently supplies an end-to-end solution for users, and further it does not maximize gains for the user savings that can be achieved with such end-to-end integration.
U.S. published patent application 2013-0297471 entitled “Method of Generating Social Network Notification within a Goal Based Financial Account” observes that as “the Internet and social networking have become more prevalent, entities such as financial institutions are challenged to develop a social network presence. While various social networks and savings programs are known in the art, utilizing automated and customized posts based on account activity to post messages to social networks is difficult as often the two networks do not communicate and the information of one is independent of another.” This development sets forth a “method [for] customers to customize and automate posts and tweets to their social networks based on activity in their goal based savings or DDA account, and “a method where activity related to a savings or DDA account is managed”, and allegedly “a method of customization for the account owner and control over the automated communication being posted based on their savings or DDA account activity.” This methodology, however, fails to provide a platform that facilitates or enhances user discovery and articulation of a user's aspiration, nor which effectively allows users to attain aspirations otherwise out of their reach, nor which efficiently supplies an end-to-end solution for users and, again, is not actually directed to such a comprehensive integrated approach. Further this methodology does not effectively maximize gains for the user savings.
Other related background includes published patent application 2013-0297470 entitled “Method to Open and Manage Multiple Term Deposit Products, each Tied to an Individual Savings Objective, within one Account” which notes a “need to offer multiple term deposit products tied to individual savings objectives, within one account” and notes “individual savings objectives can be assigned to each of the individual term deposit products.” Also published patent application 2013-0297450 entitled and related to “Method of Withdrawal of Funds from Bank Account to Purchase Retail Gift Cards and/or Electronic Retail Gift Codes Generating Cash Rewards to Consumer and/or Revenue to Financial Institution.” Published patent application 2006-0242041 entitled “Method and Financing System for Funding a Personal Account” wherein “funding a personal savings account is accomplished by a donor selecting a personal account to be funded, the donor using a financial instrument which generates an embedded fee or an awards or loyalty program, and directing a portion of the embedded fee or awards program into the donor-designated account.” For general information, see published patent application 2006-0167780 entitled “College Savings Plan Account Registry and Method”; published patent application 2010-0010886 entitled “System and Method for Facilitating and Encouraging Charitable Giving” (micro-donations); and published patent application 2013-0311326 entitled “Virtual Registry”. All of the above cited publications are incorporated herein by reference and are helpful to establish the scope and content of the prior art as well as the relevant level of skill in this art.
Despite various attempts to address limited aspects of the problems with the current system for retail consumption, none of the proposed systems or methods adequately addresses the current problem with retail consumption. The problems are schematically illustrated, in part, in FIGS. 1A and B. FIG. 1A is a schematic representation of the driving force in the current state of marketing driven retail consumption, namely that retail consumption is driven by ads and marketing 13 that is centered on exposing users to viewing ads goods and services 15 (garnering eyeballs) leading to marketing/advertising driven buying 17 and wherein the history of such compulsive buying is used by marketing to continue the marketing/advertising driven consumption cycle without a real reflection on the actual aspirations, wants and desires of consumers. This is evidenced by one well known sobering characterization that “Advertising has us chasing cars and clothes; working jobs we hate, so we can buy s*** we don't need.” (Explicative removed—Chuck Palahniuk, Fight Club). The current marketing driven consumption model is a distraction from savings for actual aspirations or wishes of users and is further evidenced by the current record low savings levels and the fact that consumers up to 30% of income of items they don't recall buying.
FIG. 1B is a schematic representation of the current chasm 99 between user savings or financial institutions 132 and retail establishments or merchants 142 that is present in the current marketing driven, rearward looking system. The chasm or barrier 99 exists because the user savings and the associated financial institutions 132 associated therewith are not primary stake holders in and thus have no integral role in the current system as shown in FIG. 1A. The continued separation of user savings and merchants and the lack of the system being user driven is a hindrance to aspirational savings and forward looking consumer purchasing.
As noted above, the prior art approaches are focused on savings and money management rather that focused on identification of user aspirations, attaining goals and delivery of the goods or services that fulfill the aspirations.
None of the existing systems and methods describes a comprehensive e-commerce solution which facilitates the identification of the user aspirations and whereby upon achievement of a user defined goal or aspiration the merchant delivers the aspirational goal directly to the user without the need for intervening steps (having the user withdrawal the funds and order the goods).
None of the existing systems and methods describes a comprehensive e-commerce solution which facilitates curation by a user's well-wishing community (e.g., friends, family, advisors) in developing and modifying the wish, goal and aspirations of the user and the developing and modifying plan associated therewith (modification can include cancellation of the goal under certain circumstances).
None of the existing systems and methods describes a comprehensive e-commerce solution which facilitates white-boarding co-creation and personalization of user's goals or aspirations through collaboration between user and merchants.
None of the existing systems and methods describes a comprehensive e-commerce solution which is not limited merely to financial applications or savings wherein the platform can be utilized for things outside of money (things money cannot buy—i.e. lunch with a given athlete—social equity, content equity and endorsement equity).
None of the existing systems and methods describes a comprehensive e-commerce solution which provides a comprehensive e-commerce solution that allows for value exchange and value creation.
None of the existing systems and methods describes a comprehensive e-commerce solution which facilitate credit and or insurance underwriting
It is an object of the present invention to address the deficiencies of the prior art discussed above and to do so in an efficient, cost effective manner to provide a user controlled collaborative aspirational savings social network system and method which enables users to identify aspirations, wishes and goals which include aspects touching on and concerning money management, and more particularly, to alternative savings arrangements focused on incentivizing user savings and tailoring savings to user aspirations, wishes, or, goals, as well as linking users of various types in such endeavors. Other advantages of the present invention will become apparent from a perusal of the following detailed description of presently preferred embodiments of the invention.